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Posted on 01/04/2007 8:06:51 PM PST by Swordmaker
An internal inquiry gives him a pass in Apple's backdating scandal—but raises questions about whether he's getting special treatment
In Silicon Valley, Steve Jobs is admired for many things: his storybook resuscitation of Apple Computer (AAPL), his billion-dollar-plus fortune, his rock star status as the driving force behind iconic products such as the iPod. Near the top of the list is Jobs’s famed ability to spin what admiring techies refer to as a "reality distortion field" to win consumers over to the Apple view of the world.
But will it work with government regulators? As Jobs prepares to wow the masses once again with his keynote at the annual Macworld trade show on Jan. 9, skepticism abounds among options experts, as well as techies, that the Apple chief executive is totally in the clear over his role in resetting start dates for company stock options. A report issued on Dec. 29 by a two-member special committee, composed of no less than former Vice-President Al Gore and tough-minded finance veteran Jerome B. York, "found no misconduct" by Jobs or other managers. Yet it acknowledged that he knew about some of the 6,428 option grants handed out between late 1996 and early 2003—roughly 15% of the total in that time—that were improperly dated to give employees an artificially low price. On some occasions, Jobs even recommended the dates.
(Excerpt) Read more at yahoo.businessweek.com ...
The granting of stock purchase options was pervasive in the volatile employment market in the high tech sector in the 90s. The options were used to both attract and keep highly talented engineers, programers, and designers. If the options weren't attractive enough, the employee or potential employee would merely move on to the best offer. Stockholders benefited from the practice because the companies they were invested in sought and held talent that increased the value of the companies and hence their stocks.
To me, attracting and retaining talent is a legitimate use of the stockholders' capital in the company. It is just as legitimate, if not more so, than a company investing their capital in brick and mortar that may not return anywhere near as much return on that capital as the talent bought for far less.
Yes. He is untouchable now that the Democrats are in power. Anyone who thinks anything else is an idiot.
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Former Vice President Al Gore Joins Apple’s Board of Directors CUPERTINO, California—March 19, 2003—Apple® today announced that Albert Gore Jr., the former Vice President of the United States, has joined the Company’s Board of Directors. Mr. Gore was elected at Apple’s board meeting today. “Al brings an incredible wealth of knowledge and wisdom to Apple from having helped run the largest organization in the world—the United States government—as a Congressman, Senator and our 45th Vice President. Al is also an avid Mac user and does his own video editing in Final Cut Pro,” said Steve Jobs, Apple’s CEO. “Al is going to be a terrific Director and we’re excited and honored that he has chosen Apple as his first private sector board to serve on.”
Maybe I'm cynical, but why would anyone rely on an internal review of something like this?
Here come the gummint, here come the shyster hyenas (there are already "stockholder" lawsuits) out to destroy another successful company, and I say this as no fan or user of Apple products. Let's hope that an ounce of wisdom prevails. Where and how did these cynical shysters find disgruntled Apple stockholders to file the lawsuits? It boggles the mind!
Only the lawyers will make money in those lawsuits. Al Gore will protect both Jobs and Apple.
Yeah, it would have nothing to do with him maybe being innocent would it? You seem really bitter about the fact that he is successful despite not sharing your political philosophy.
Maybe he is innocent. Didn't say he wasn't. However, it always helps to have certain people in your corner at certain times. That is the way the real world works.
This has always been a non-story but is continued as part of the press' perpetual "apple is going out of business" theme.
Don't worry, Jobs has both sides of the aisle covered.
God I miss Reagan
Because it wasn't Apple, but an independent firm doing the investigation.
>>>To me, attracting and retaining talent is a legitimate use of the stockholders' capital in the company.
As a publicly traded company, the CEO is not allowed to steal from the other stockholders -- even if his sycophant board of directors allow him. As I understand it, Jobs suggested some dates for backdating. I would believe that to mean that he participated in a fraud against other stockholders. The SEC should investigate and deliver the appropriate EXPENSIVE wrist slapping. Otherwise, why have the SEC if they can't keep clean the reporting by publicly traded companies. Remember the Enron!
During Amelio's time in charge, Apple lost 80% of it's value. They pursued a new operating system based on Windows NT and one in partnership with IBM before finally buying out Steve Job's NeXT company, which became the basis of OSX. OSX, the iMac, the Apple Stores, iPods and iTunes all came from Jobs. What exactly did Amelio do that was so brilliant? All I remember from his tenure are Apple clones and a computer that was becoming more and more of a beige box PC clone.
He better be careful not to drop the iSoap in prison.
There is no question in my mind that this Algore report is a complete whitewash.
It will bite Apple in the butt when Jobs has to step down because the SEC refers him to the Justice Department for indictments.
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